American Electric Power reports Q1 profit beat as commercial usage grows

Reuters04-30

April 30 (Reuters) - American Electric Power beat first-quarter profit estimates on Tuesday, as the electric utility benefited from higher demand and usage from commercial customers.

The company said it saw higher commercial sales with load growth of 10.5% from a year earlier, which helped offset the expected decline in usage for residential customers.

"AEP's industry-leading transmission network continues to attract meaningful investment from data centers and other commercial and industrial customers, especially in our Indiana, Ohio and Texas service areas," interim CEO Ben Fowke said.

The company, however, continued to face unfavorable weather in the quarter. Mild weather conditions dampen demand for electricity and natural gas, affecting American Electric Power, which delivers power to 5.6 million customers in 11 states.

The Columbus, Ohio-based company reaffirmed its 2024 operating earnings forecast range of $5.53 to $5.73 per share.

American Electric Power reported an operating profit of $1.27 per share, beating analysts' estimates of $1.25, according to LSEG data.

Additionally, the company said it is taking several steps including "voluntary workforce reduction program, to help mitigate the impacts of inflation and interest rates".

(Reporting by Roshia Sabu in Bengaluru; Editing by Krishna Chandra Eluri)

((Roshia.Sabu@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2431349504?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-04-30 20:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2431349504","market":"us","top_or_hot":-1,"title":"American Electric Power reports Q1 profit beat as commercial usage grows","media":"Reuters","content":"<html><body><p>April 30 (Reuters) - American Electric Power    beat first-quarter profit estimates on Tuesday, as the electric utility benefited from higher demand and usage from commercial customers. </p><p>   The company said it saw higher commercial sales with load growth of 10.5% from a year earlier, which helped offset the expected decline in usage for residential customers.</p><p>   \"AEP's industry-leading transmission network continues to attract meaningful investment from data centers and other commercial and industrial customers, especially in our Indiana, Ohio and Texas service areas,\" interim CEO Ben Fowke said.</p><p>   The company, however, continued to face unfavorable weather in the quarter. Mild weather conditions dampen demand for electricity and natural gas, affecting American Electric Power, which delivers power to 5.6 million customers in 11 states.</p><p>   The Columbus, Ohio-based company reaffirmed its 2024 operating earnings forecast range of $5.53 to $5.73 per share.</p><p>   American Electric Power reported an operating profit of $1.27 per share, beating analysts' estimates of $1.25, according to LSEG data.</p><p>   Additionally, the company said it is taking several steps including \"voluntary workforce reduction program, to help mitigate the impacts of inflation and interest rates\".</p><p>(Reporting by Roshia Sabu in Bengaluru; Editing by Krishna Chandra Eluri)</p><p>((Roshia.Sabu@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>American Electric Power reports Q1 profit beat as commercial usage grows</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmerican Electric Power reports Q1 profit beat as commercial usage grows\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-30 20:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>April 30 (Reuters) - American Electric Power    beat first-quarter profit estimates on Tuesday, as the electric utility benefited from higher demand and usage from commercial customers.    The company...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B19Z3581.USD","symbol_name":"Legg Mason ClearBridge - Value A Acc USD","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2431349504","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2431349504","pubTimestamp":1714479337,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"April 30  - American Electric Power    beat first-quarter profit estimates on Tuesday, as the electric utility benefited from higher demand and usage from commercial customers.    The company said it saw higher commercial sales with load growth of 10.5% from a year earlier, which helped offset the expected decline in usage for residential customers.   \"AEP's industry-leading transmission network continues to attract meaningful investment from data centers and other commercial and industrial customers, especially in our Indiana, Ohio and Texas service areas,\" interim CEO Ben Fowke said.   The company, however, continued to face unfavorable weather in the quarter. Mild weather conditions dampen demand for electricity and natural gas, affecting American Electric Power, which delivers power to 5.6 million customers in 11 states.   The Columbus, Ohio-based company reaffirmed its 2024 operating earnings forecast range of $5.53 to $5.73 per share.   American Electric Power reported an operati","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","AEP":"美国电力","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","BK4585":"ETF&股票定投概念","BK4081":"电力公用事业","BK4588":"碎股","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H"},"translate_title":"美国电力报告称，随着商业用途的增长，Q1利润超过预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AEP":1},"content_text":"April 30 (Reuters) - American Electric Power    beat first-quarter profit estimates on Tuesday, as the electric utility benefited from higher demand and usage from commercial customers.    The company said it saw higher commercial sales with load growth of 10.5% from a year earlier, which helped offset the expected decline in usage for residential customers.   \"AEP's industry-leading transmission network continues to attract meaningful investment from data centers and other commercial and industrial customers, especially in our Indiana, Ohio and Texas service areas,\" interim CEO Ben Fowke said.   The company, however, continued to face unfavorable weather in the quarter. Mild weather conditions dampen demand for electricity and natural gas, affecting American Electric Power, which delivers power to 5.6 million customers in 11 states.   The Columbus, Ohio-based company reaffirmed its 2024 operating earnings forecast range of $5.53 to $5.73 per share.   American Electric Power reported an operating profit of $1.27 per share, beating analysts' estimates of $1.25, according to LSEG data.   Additionally, the company said it is taking several steps including \"voluntary workforce reduction program, to help mitigate the impacts of inflation and interest rates\".(Reporting by Roshia Sabu in Bengaluru; Editing by Krishna Chandra Eluri)((Roshia.Sabu@thomsonreuters.com;))","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2431349504"}